A Nonrandom Walk Down Wall Street: Recent Advances in Financial Technology

Andrew W. Lo, Harris & Harris Group Professor, Sloan School of Management, Massachusetts Institute of Technology

September 1997 | Issue # 52

This issue offers the observations of Andrew W. Lo on recent research findings in financial technology, with implications for long-term investors under defined contribution pension plans and for plan sponsors. The discussion encompasses the Random Walk Hypothesis of investment, the Efficient Markets Hypothesis of stock market prices, and research data that suggest the presence of predictable components in the stock market for disciplined active investment management.

© 2013 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017